Growing up isn’t all that it’s cracked up to be. Sure, in life there are certain milestones which generally indicate an increase in maturity, responsibility and complete independence: going to the movies without adult supervision, legal obtainment of a driver’s license, moving away from home and college graduation are all exciting stepping stones for the individual development of America’s future leaders. That being said, some aspects of adulthood aren’t as thrilling as others; mortgage qualification and continual rate payment, all while dealing with a host of different companies, are a giant chunk of such an aspect.

Though the term “mortgage” often carries with it a negative connotation, there’s nothing to fear. In fact, according to Zillow.com, only 21 million Americans — about 29.3 percent of the United States’ population — own their home outright, without the hindrance of monthly mortgage payments. Having a mortgage is a normal endeavor. Regardless of age or financial experience, understanding a handful of key mortgage-based facts could keep you happy and sane as you begin the adventure of real freedom as a contributing member of American society.

First thing’s first: not all lenders are created equal. The most important facets of such an assertion are rate range and annual fees. As of late, the Federal Government and her many regulators have placed a great amount of emphasis on mortgage companies to prevent the widespread economic abuse of borrowers and give structure to the overall mortgage process. However, there are no official regulations which require mortgage companies to offer similar rates.

For you, this means that there could be a great difference between what you’re paying for appraisals, credit checks and title insurance, and what you’re family members and friends are paying. Shop around. Do your homework. Compare notes. Make sure that you’re gettin the best deal for you and your family, according to the specialized circumstances in which you find yourselves.

In addition to understanding how mortgage companies think, it’s crucial to comprehend the natural, ever-present undulations of the mortgage market. Mortgage rates never have been, aren’t and never will be stable. Fortunately, for those currently entering the mortgage market, rates have been moderately low. With that in mind, be aware of the importance of finding a low mortgage rate and locking said rate as quickly as possible.

Lastly — and arguably the most important, yet difficult of mortgage-related tidbits for newcomers to homeownership — do all within your power to put down 20 percent of a total loan through your down payment, even though most first-time borrowers are unable to make a down payment anywhere close to such an amount. There’s a reason for which, excluding minors, nearly 80 percent of all Americans have some sort of financial debt and part of that is an inability to earn the trust of mortgage companies through a sizable down payment. Though programs exist by which financing is made available through little or no money down, sound fiscal preparation will help with the down payment process and peace of mind that comes from living and borrowing well within your means.

There’s no need to worry. While adulthood may throw more at you than you think you can handle, stay calm and enjoy building a joyful future in your beautiful and reasonably-financed home. You deserve it.